Woori Financial Group, one of Korea s major financing holding firms, said Thursday it will purchase its remaining stake held by a state-run deposit insurer in a move to help the financial group complete its privatization.
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As Woori Bank enters a new chapter in the Kingdom’s banking landscape, CEO Hong Ju Kim is certain the institution will remain steadfast in delivering quality financial services through its multiple delivery channels, without wavering from its core values of promoting the government’s national agenda
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State deposit insurer KDIC sells 2% stake in Woori Financial
Posted : 2021-04-09 13:37
Updated : 2021-04-09 13:37
The state-run Korea Deposit Insurance Corp. (KDIC) said Friday it sold a 2 percent stake in Woori Financial Holdings Co. as part of efforts to recoup taxpayer money injected into the company.
The stake, or 14.5 million shares, was offloaded through a block sale in pre-market trading for 149.3 billion won (US$134 million), the KDIC said.
The stake sale comes in line with a government road map to dispose of its interest in the major financial holding company, whose flagship is Woori Bank.
It also marks the first stake disposal after the government announced its plan in 2019 to complete the sale of its remaining 17.25 percent stake in Woori Financial by 2022.